Joseph Chee, CEO and chairman of Solana Company, said on Tuesday that China is monitoring cryptocurrency and blockchains very closely while still retaining concerns about their use. According to NS3.AI, he said officials remain worried that ordinary people could be exploited by the technology.

Chee said China is using Hong Kong as a testing ground for cryptocurrency-related systems and argued that education should come before any wider rollout. He also noted that China’s central bank declared all digital-asset trading illegal in September 2021 and reaffirmed enforcement last year.